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ERRV market remains tight says OSL

News // May 19, 2006

Offshore Shipbrokers Ltd (OSL) in the UK says the ERRV market in the North Sea saw a steady stream of term fixtures being reported during April, but says little in the way of term requirements are now outstanding.

"Despite this, optimism towards the long term market remains high," said OSL, "with Nomis announcing a further newbuild order, albeit for a medium AHTS. BP continues to suffer delays with its Jigsaw programme with owners reporting contract extensions of their incumbent vessels through to early July this year."

"Spot availability has, however, seen a slight improvement during April, but with much of the tonnage currently available due to commence term charters, we expect things to tighten once again," OSL concluded in its latest monthy review of the market.